Why rent out your home during the Olympics?

In 2024, Paris will host the Olympic Games, an event that organizers expect will attract no fewer than 15 million visitors from around the world. For property owners, this represents a unique opportunity to capitalize on the event by offering their homes as short-term rentals.

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Short-term rentals, more commonly known as "Airbnb rentals," offer numerous advantages over traditional long-term leasing, most notably the potential to generate higher income in a short period.

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In this article, we will explore why short-term rentals can be an attractive option for property owners during the 2024 Paris Olympic Games. We will cover the financial benefits of this type of rental before concluding with practical tips to help you make the most of this exceptional opportunity.

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Why offer your home as a short-term rental during the Olympics?

Benefit from maximum occupancy rates

Already strong demand for vacation rentals

The first tickets for the 2024 Olympic Games events in Paris went on sale in mid-February 2023, and within just one month, hundreds of vacation rental bookings had already been made on booking platforms. Most platforms allow stays to be booked up to a year and a half in advance. Consequently, the Olympic period, from July 26 to August 11, 2024, is already open for reservations. These early bookings clearly demonstrate the excitement surrounding the event.

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Vacation rental demand is set to rise

Not all tickets for the Olympic events have been sold yet. Two more sales phases are scheduled: one in May for individual ticket purchases via a lottery system, and another at the end of 2023 for the direct sale of the remaining tickets. These ticket purchases will bring in new visitors who will need local accommodation. These upcoming sales will trigger a further surge in vacation rental bookings for the period.

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Furthermore, ticket holders will account for only 3.3 million of the visitors, with 11.8 million non-ticket-holding visitors also expected in the capital for the 2024 Olympics. These visitors have not yet booked their local accommodation, but most will do so in the coming months or even at the last minute as the event approaches. Short-term rental owners in Paris can therefore expect to enjoy maximum occupancy throughout the duration of the Games, and even before and after.

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Generate rental income above the annual average

Nightly rates up by more than 250%

The high demand for vacation rentals during the 2024 Games naturally translates into an increase in nightly rates. The rise in nightly prices for short-term rentals is estimated between +100% and +175%, depending on the location. Given the rental demand in certain neighborhoods or surrounding municipalities, a price increase of 250% is even anticipated. This is particularly the case in Saint-Denis, which will host artistic swimming, diving, and climbing events, as well as athletics at the Stade de France.

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The already attractive prices of short-term rentals for owners will become even more so during the 2024 Olympics. Therefore, if you are considering listing your property as a short-term rental in Paris during the Games, you are ensuring yourself highly attractive rental income that exceeds the annual average.

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Apply an adapted pricing strategy

To align with the reality of the short-term rental market, it is advisable to adopt a pricing strategy based on increasing nightly rates when demand is high and lowering them when demand is lower. This helps maximize your occupancy rate and, consequently, your rental income.

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At Welkeys, a short-term rental management agency, our revenue management experts apply a case-by-case strategy to the properties entrusted to us by owners. This strategy is dynamic and based on adjusting prices according to demand, location, and the type of property in question. We are implementing this for the 2024 Olympic period and are already securing bookings generated by this pricing strategy.

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What types of properties should you list for short-term rental for the 2024 Games?

A primary residence within Paris city limits

It is recommended to prioritize listing primary residences located within Paris city limits that offer enough space to accommodate several people. This type of rental is attractive to guests, but more importantly, it will be easier for owners to list their primary residence in Paris due to current regulations.

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If you are planning to rent out a property for the short term specifically during the 2024 Games, it will be much easier to do so with a primary residence, as short-term tourist rentals are heavily regulated in Paris.

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It is only possible to offer a secondary residence for short-term rental in Paris if you also offer a long-term rental property. Furthermore, one of these properties must be a commercial space converted into a tourist rental; this is known as the compensation principle.

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However, it is possible to list a primary residence as a short-term rental in Paris for a maximum of 120 days without having to comply with the compensation principle.

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A property in the Paris suburbs

Don't overlook the inner suburbs of Paris. Some events will take place in the suburbs and even in Versailles. Depending on the local regulations in the various municipalities of the Paris suburbs, it may be easier for you to rent out a secondary residence.

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If you don't have a primary residence and want to take advantage of this rare event, you can vacate your home during the Olympics and make it available to the many tourists, athletes, and staff members who will be flocking to the capital.

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Regardless, it is advisable to prepare your home well in advance to meet traveler expectations, maximize your rental potential, and ensure your temporary tenants have a great stay.

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When should you list your home on Airbnb for the 2024 Olympic Games?

If you own a property that you are considering listing on Airbnb for the 2024 Olympic Games, it is best to do so now. This will give your listing better visibility when the time comes and help you build a strong reputation through positive reviews from your first guests. Having reviews on a listing is reassuring for future guests and helps generate more bookings.

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Furthermore, this will allow you to get a handle on managing your short-term rental, particularly regarding cleaning, linens, guest check-in and support, as well as setting your vacation rental price. If you don't have the time to manage all of this yourself, you can entrust this task to a short-term rental management agency that can take care of everything for you. At Welkeys, an Airbnb concierge service, our comprehensive short-term rental management service allows you to rent with complete peace of mind.

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Finally, by listing your home on Airbnb now, you won't have to wait to start earning rental income, and you can ensure your property is ready to welcome guests during the 2024 Olympic Games. As long as you don't exceed the 120-day limit for renting out a primary residence before the end of the Games, why wait?

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